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Tuesday, January 21, 2025 | 05:42 AM ISTEN Hindi

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Itr Filing

Wrongful tax claims: File revised, updated ITR before I-T dept's scrutiny

Once a wrongful claim is detected, penalties follow

Wrongful tax claims: File revised, updated ITR before I-T dept's scrutiny
Updated On : 20 Jan 2025 | 10:14 PM IST

Income Tax dept updates ITR Forms 2 and 3 for claiming 87A tax rebate

It is important to note that eligible taxpayers who were previously unable to claim the Section 87A tax rebate can now do so by filing a revised or belated income tax return (ITR)

Income Tax dept updates ITR Forms 2 and 3 for claiming 87A tax rebate
Updated On : 07 Jan 2025 | 6:41 PM IST

Now, file rectification requests online for incorrect ITR processing

New feature added to the ITR portal streamlines rectification process, which previously required manual submissions and was often fraught with delays and complications

Now, file rectification requests online for incorrect ITR processing
Updated On : 02 Jan 2025 | 12:30 PM IST

These rule changes will impact how you file Income Tax returns in 2025

July 2024 steps will shape tax deductions and exemptions that can be claimed when filing an Income Tax Return (ITR) in July 2025

These rule changes will impact how you file Income Tax returns in 2025
Updated On : 27 Dec 2024 | 1:58 PM IST

CBDT extends deadline to Dec 15 for taxpayers with overseas transactions

This extension is applicable to taxpayers who have global transactions and are needed to provide reports under Section 92E

CBDT extends deadline to Dec 15 for taxpayers with overseas transactions
Updated On : 02 Dec 2024 | 5:02 PM IST

ITR 2024: Declare foreign assets by Dec 31 or face Rs 10 lakh fine

The deadline to submit revised or belated ITRs is December 31

ITR 2024: Declare foreign assets by Dec 31 or face Rs 10 lakh fine
Updated On : 18 Nov 2024 | 11:16 AM IST

ITR filing deadline for audit cases is Nov 15: file now to avoid penalties

If a taxpayer misses the deadline to file their income tax return by November 15, 2024, they still have the option to submit a belated return by December 31, 2024

ITR filing deadline for audit cases is Nov 15: file now to avoid penalties
Updated On : 14 Nov 2024 | 8:48 AM IST

New portal for filing I-T returns aims to simplify work for taxpayers

Before launching the new portal, the Income Tax Department is seeking feedback from the public and stakeholders

New portal for filing I-T returns aims to simplify work for taxpayers
Updated On : 16 Oct 2024 | 4:52 PM IST

I-T department processes nearly 4 Cr ITRs in 15 days : How to check return

Over 7.28 crore income tax returns for Assessment Year 2024-25 were filed till July 31, 2024

I-T department processes nearly 4 Cr ITRs in 15 days : How to check return
Updated On : 22 Aug 2024 | 10:01 AM IST

Record 72.8 million ITRs filed till Jul 31 deadline, says I-T department

About 5.9 million were first-time filers, reflecting widening of the tax base

Record 72.8 million ITRs filed till Jul 31 deadline, says I-T department
Updated On : 03 Aug 2024 | 12:02 AM IST

How to check income tax refund status online using PAN card?

Income Tax Department issues refunds to individuals who have paid more tax than their liability through various means like Tax Deducted at Source, advance tax, and Tax Collected at Source

How to check income tax refund status online using PAN card?
Updated On : 01 Aug 2024 | 5:14 PM IST

Over 70 mn ITRs filed for FY24 till 7 pm on last day: I-T department

Over 7 crore income tax returns have been filed till 7 pm on Wednesday -- the last day for filing ITRs for income earned in 2023-24 fiscal. "More than 7 crore ITRs have been filed so far (31st July), out of which over 50 lakh ITRs have been filed today till 7 pm!," the I-T department posted on X. July 31 is the last date for filing income tax returns for taxpayers who do not have to get their accounts audited. The total number of ITRs for AY 2023-24 (fiscal year 2022-23) filed till July 31, 2023 were more than 6.77 crore, with over 64.33 lakh ITRs being filed on 31st July, 2023. To assist taxpayers for ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X, the I-T department said.

Over 70 mn ITRs filed for FY24 till 7 pm on last day: I-T department
Updated On : 31 Jul 2024 | 11:55 PM IST

About 60 mn ITRs filed for FY24, 70% under new tax regime: Revenue secy

About 6 crore income tax returns have been filed for income earned in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers lower rate of tax, Revenue Secretary Sanjay Malhotra said on Tuesday. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime. "About 6 crore filed for last year and 70 per cent is under the new income tax regime. The whole move has been towards simplicity with the ultimate purpose being to reduce the compliance burden," Malhotra said. For the 2022-23 fiscal, 8.61 crore ITRs were filed. The idea behind comprehensive income tax review as announced in the Budget is to make the tax law simpler. "We will come up with a draft and then we will seek suggestions," Malhotra said. Currently, India has two personal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can

About 60 mn ITRs filed for FY24, 70% under new tax regime: Revenue secy
Updated On : 30 Jul 2024 | 11:40 PM IST

ITR filing deadline on July 31: Extension uncertain; all you need to know

ITR filing deadline: The income tax department, in a post on X, urged taxpayers to file ITR at the earliest to avoid last-minute rush

ITR filing deadline on July 31: Extension uncertain; all you need to know
Updated On : 30 Jul 2024 | 3:02 PM IST

Essential guide for traders on F&O trading tax reporting

If you have both F&O gains and losses in a financial year, declaring the losses allows you to offset them against the gains, reducing the overall tax liability on F&O transactions

Essential guide for traders on F&O trading tax reporting
Updated On : 29 Jul 2024 | 5:59 PM IST

Maximise tax savings with home loan deductions: Check details to know more

Home loan borrowers should be aware of all the income tax breaks available on home loans, as this can substantially reduce their tax liabilities

Maximise tax savings with home loan deductions: Check details to know more
Updated On : 29 Jul 2024 | 12:14 PM IST

How donations to crowdfunding campaigns can help reduce your tax burden

If you make any donation to qualified organisations, you become eligible for claiming the same as a deduction from taxable income

How donations to crowdfunding campaigns can help reduce your tax burden
Updated On : 26 Jul 2024 | 1:58 PM IST

How to file 'belated' ITR: Benefits, limitations, and step-by-step guide

If tax dues are pending while filing a belated ITR, a penal interest of 1 per cent per month will be levied on the due amount

How to file 'belated' ITR: Benefits, limitations, and step-by-step guide
Updated On : 26 Jul 2024 | 1:28 PM IST

ITR filing: How to correct errors in your ITR using discard ITR feature

The Discard ITR option acts as a delete option for income tax returns that have been filed but are waiting for verification

ITR filing: How to correct errors in your ITR using discard ITR feature
Updated On : 25 Jul 2024 | 7:05 PM IST

Paying Income Tax with credit card: Benefits, disadvantages and process

The method allows the tax department to process your payment promptly, potentially updating your tax records faster

Paying Income Tax with credit card: Benefits, disadvantages and process
Updated On : 23 Jul 2024 | 11:25 AM IST